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Outlook financial is a top-tier digital bank in Canada that offers high interest rates and zero fees on a number of its financial products. You can sign up for a registered or cash savings account as well as a long list of guaranteed investment certificates (GICs). Learn more about Outlook financial‘s products and rates, and find out what you need to get started.
Outlook financial is a digital bank that was launched in 2000 as a division of the Assiniboine Credit Union, one of the most respected financial co-operatives in Canada. This means that Outlook financial isn’t its own company, but represents Assiniboine Credit Union on the deposits front.
Assiniboine Credit Union is a well-established financial institution based in Winnipeg. It’s been in business for 75 years and is protected by the Deposit Guarantee Corporation of Manitoba. This means you can rest assured that your money will remain safe and you’ll get a high standard of customer service. Just keep in mind that you can’t deal with any of your Outlook financial business through an Assiniboine Credit Union branch as they’re intended to be separate entities.
Outlook financial offers similar services to a regular bank except that all of its business is carried out online. This means that you’ll have to do most of your dealings with the company over the Internet. That said, it also means that Outlook financial saves a decent amount of money on overhead costs, which translates directly into big savings for its customers.
Another positive attribute of Outlook financial that sets it apart from other digital banks is that it allows you to access your money using a debit card. You’ll get one free “debit” from your account each month in the form of an ATM withdrawal, Interac transfer, bill payment or pre-authorized debit. From there, you’ll have to pay $1 for every additional transaction on your account.
Outlook financial offers a number of registered and non-registered accounts. Registered savings accounts include high-interest TFSAs, RRSPs and RRIFs. You can also open a non-registered cash account with interest rates as high as 4.95%. Outlook financial also offers a comprehensive suite of GICs.
Outlook financial will give you a 3.5% return on its savings accounts, which is one of the highest interest rates in Canada. You also won’t need to pay monthly fees and there are no minimum balance requirements to keep your account open. As an added bonus, you’ll get a debit card to make purchases and put money into your account.
You can choose to hold your Outlook financial savings accounts as a registered or non-registered account. If you choose a registered account (such as an RRSP, TFSA or RRIF), you won’t have to claim any interest you make on your taxes.
GICs come with interest rates as high as 4.85%for a 5 years term, which is high by industry standards. You need a minimum deposit of $1,000 and you can choose a term from 1 to 5 years depending on your investment horizon.
Any money you put into your Outlook financial GIC will be 100% protected along with any interest you accrue. These types of financial products may be suitable for you if you want to earn a higher interest rate, and you don’t need access to your funds while they’re invested.
Length of term
GIC rates (as of March 20, 2023)
|*These rates are subject to change – you can find Outlook Financial’s current GIC rates here.|
Outlook financial is very safe because any money you deposit will be held with the Assiniboine Credit Union. This is a very well-established financial institution in Canada that adheres to a number of strict privacy and security measures.
Aside from protecting your data and financial information, your physical deposits and the interest they accrue will be protected without limit by the Deposit Guarantee Corporation of Manitoba.
To open an account with Outlook financial, you’ll need to meet a couple of requirements:
You can apply for a savings account with Outlook financial using its easy online application. Just follow these steps to get started:
Outlook financial‘s customer service team is readily available throughout the day to help you with your account. You can get in touch with a customer service representative at 1-877-958-7333. The hours of operation are 8am to 8pm CST (Monday to Friday) and 9am to 4pm CST (Saturdays). You can also send an email to email@example.com.
Outlook financial is a top-notch digital bank that offers a number of high-interest savings accounts and GICs. You won’t pay any monthly account fees and you can manage your savings from the comfort of your own home. Learn how to become a member of Outlook financial, and apply online today to get started.
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